Remodeled Downtown
For Sale
$118,000
253 W Monroe Street, Bangor, MI 49013
Compact commercial space with updated HVAC and a flexible layout for retail, office, or service uses.
Property Size480 SF
Price / SF$245.83
Days on Market53
Property Features for 253 W Monroe Street
General Information
Standard status
Active
Size
480 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,600
Building Details
Building Size
480 SF
Year Built
1929
Year Renovated
2022
Buildings
1
Stories
480
Units
1
Listing Agency:
eXp Realty LLC
(269) 779-5031
Listed By:
Chris Speer · License #6501418107
Source:
Erareardonrealty
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 25 at 9:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty LLC
Investment Insights
Based on property information with market context.
This 480-square-foot storefront at 253 W Monroe St. was built in 1929 and received a complete remodel in 2022. The property includes a new furnace and central air, combining updated mechanical systems with an older commercial building character. Its prior community-oriented uses include office, arcade, jewelry, and barber shop operations.
The building is positioned in downtown Bangor with visibility along the local through-route. Daily Amtrak service is available in the community, while South Haven and Kalamazoo are accessible from the property. The space can accommodate retail, professional office, or service-based business use.
The building is positioned in downtown Bangor with visibility along the local through-route. Daily Amtrak service is available in the community, while South Haven and Kalamazoo are accessible from the property. The space can accommodate retail, professional office, or service-based business use.
Key Highlights
- 480‑square‑foot commercial storefront
- Complete remodel completed in 2022
- New furnace and central air
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$4,983
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$99,660
$99.7K
Cap Rate 7%
$71,186
$71.2K
Cap Rate 9%
$55,367
$55.4K
Market Conditions
NOI Build-Up for 480 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$7.4K $15.48/SF
− Vacancy
−$312 −$0.65/SF
EGI
$7.1K $14.83/SF
− OpEx
−$2.1K −$4.45/SF
NOI
$5.0K $10.38/SF
Area
Van Buren County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$99,660
Cap Rate 7%
$71,186
Cap Rate 9%
$55,367
Alternative Uses
Best Use
Retail
$71.2K
$62.3K – $83.1K
NOI $4,983 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.94M
$5.19M – $6.92M
NOI $415,458 @ 7.0% cap · market cap 352.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
35k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 46%
McDonald's
Dining
13,440 visits/mo
0.1 miles
Speedway
Shops & Services
7,265 visits/mo
0.1 miles
Dollar General
Shops & Services
6,441 visits/mo
0.2 miles
Shell
Shops & Services
5,158 visits/mo
0.5 miles
SUBWAY
Dining
2,844 visits/mo
0.2 miles
Demographics for 49013, MI
5,175
Population
2,045
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
80%
High-School Grad
57.0 sq mi
ZIP Area
91
Density / Sq Mi
$58,264
Median Household Income
$33,589
Median Earnings
$757
Median Rent
$140,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Compact commercial space with updated HVAC and a flexible layout for retail, office, or service uses.
Where is this storefront property located?
The property is located at 253 W Monroe Street Bangor, MI.
What is the asking price?
The asking price for this property is $118,000.
What are key features of this property?
This property features: 480‑square‑foot commercial storefront; Complete remodel completed in 2022; New furnace and central air
